Bitcoin market update: BTC/USD tries and fails to rise above $11,600 resistance
|- Bitcoin targets $11,200 amid the increasing selling pressure.
- Technically, Bitcoin is poised for more losses in the near-term.
Bitcoin continues to form a lower low pattern following the failure to breach the resistance at $12,155 during the trading sessions last week. A sharp drop occurred under both the 50 Simple Moving Average 1-hour chart and the 100 SMA 1-hour. The tentative support at $11,400 caved to the acute selling pressure.
A low was formed at $11,104 leading to a shallow recovery above $11,200. In spite of the correction above this level, $11,600 (100 SMA) remains unconquered. At press time, a building bearish momentum is pushing Bitcoin under $11,400 (50 SMA). Bitcoin is trading at $11,320 while targeting $11,200 support target.
Technically, Bitcoin is poised for more losses in the near-term. The Relative Strength Index (RSI), for example, is pointing downwards following the retreat from levels around 62. The Moving Average Convergence Divergence (MACD), in the same range, is increasing the negative divergence below the mean-line. The path of least resistance in a technical perspective is downwards.
BTC/USD 1-hour chart
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